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to and was for surplus, what was the reason behind this is deficit and is it is inspected to continue? -- expected to continue? trade deficit was much larger than expected. that is the main cause for the current account balance deficit in october. the current account is not expected to continue in deficit. the weaker yen, that is pushing up energy costs. the trade deficit is expected to continue for the foreseeable future. even with the weaker yen, this'll push up export, but not enough to counter the effect of the higher cost of oil and gas. we are seeing an increase of consumer goods and the materials for housing and consumers to buy more. year, you willt see a lot more. that will push up the trade deficit even more. james in tokyo. thank you. program,g ahead on the the icing on the cake for the baking industry. more on that coming up later. and jpmorgan with a strong performance. when "asiaad to that edge" returns. ♪ .> breaking news an ipo is said to take place in everbright.r billionssaid to seek in hong kong dollars in shares sales. let's see what else is going on. positive news coming out
was expected. that has affected the fiscal position. by this time, the forecast was that the budget deficit would be 60 billion pounds. it is 120 billion pounds. that was supposed to start coming down in 2015. it will not peak until two years later. the fact that the economy has not recovered as fast as projected has caused the budget deficit problem to become much worse than it would've been had the economy grow faster. you might say that was just bad luck. i think the slow recovery, almost lack of recovery for two years, was a result of the austerity policy. a recovery,we have does austerity make more sense? placet faith can we in the new forecast? we were supposed to grow two point four percent this year. it will be about 0.8%. >> they are revising the incomes around 1.5%. >> ok. things are improving. then you go forward to the next year in the year after. then you have to ask what are the drivers of a broad-based recovery going to be? i think that it is very narrow. prices, assets, and some parts of the country. >> the government has announced plans to spend more on infrastructure. do y
deficit through chapter 9 bankruptcy. but as the court ruling showed, it was rushed into bankruptcy. governor schneider did not use bankruptcy as a last-ditch effort to save detroit. he used it as a first-ditch effort to make sure his buddies on wall street get paid first. the banks are at the front of the line, with their hand out, looking for the money that detroit generates. detroit is not broke. detroit generates nearly $2 billion in revenue in tax revenue every year. not only that, the governor had his eye on the pension fund, since he got into office. so, you know, for us, we pay taxes, because we want services. kevin orr does not understand how to deliver that service. he does not understand how to run a city. he understands how to take companies through bankruptcy. >> yeah. >> and if anybody thought that anything but bankruptcy was going to be the outcome when jones day and kevin orr is there, and then they hire all the consultants that come in from wall street, myers brinkerhoff gobbling up $5 million a month in tax revenue from the citizens of detroit and not putting a pol
. >> what was the reason for the unexpected deficit here? are people saying this is likely to go on? >> the current account deficit was larger than expected -- it was expected to be quite small. the real reason was the weaker yen boosting the cost of energy imports and exports of cars and other products not keeping pace with that. japan's trade deficit is continuing. -- current-account deficit people are saying there is not going to be a permanent one but the trade deficit is going to continue for the foreseeable future. some economists have said the import ahead of the sales tax rise -- people are importing more housing materials and other products because people are expected to by those in the next five or six months. factor another temporary which is causing this deficit. >> thank you, james. down going to be breaking the latest economic data from china. ."ming up next on "on the move ♪ the scene at the moment at the imperial palace in tokyo. we had some weaker than expected growth. 1.9% up.economists say a weaker yen just above the 103 level helping exporters. take a look at w
it has been the first time in a number of years. talk about a deficit. we will see if we have anything that has not been leaked to the market. we have a statement and there is a bit in this statement. joining later with the details. >> we have the forecast from the ecb >> it is higher. do not expect that from the ecb. the rate policy could go and it surprised everyone. is that the ecb has more work to do. >> we have corporate news. >> keep a look on the luxury markets. it could go a little bit higher. shares and weo .5 see it down. it is more luxurious. it is dependent on europe. and it is in the wholesale market. you let's go to our international correspondent. gaining mobile may be state approval for a new license. that could mean assets and 8 million subscribers. the next month, the iphone is on sale. >> thank you so much. a center and a stamp of approval from regulators in china. general motors is rolling chevrolet. out andputting a note charges 700 million in to the european companies. it is focusing on this. we will have more on this car sector later today you have the s
an end to the war on budget deficits and pledging to fight the deficit of opportunity for the poor and middle class. in a speech wednesday on his economic priorities, the president said the federal deficit is under control and doesn't present a serious threat to the economy. he focused on the gap between the rich and the poor and making the case for raising the minimum wage to more than $10. while extending unemployment benefits. >> we know that we're going to have greater and greater portion of our people in the service sector and we know that there are airport workers and fast food workers and nurse assistants and retail salespeople who work their tails off and are still living at or barely above poverty and that is why it's well past the time to raise a minimum wage that in real terms right now is below it was than when harry truman was in office. >> republican leaders quickly took issue with the president's poach. house speaker john boehner suggesting the president's policies created the very problems that he described. >> meanwhile republicans and democrats are trying to hamme
are critically and reduction of the deficit. he would reduce the deficit by 10%. the hope is he can do more on that. have a lot of married couples and free school meals for kids. of course, the tapering with energy -- what will the impact be? [laughter] >> we would not want you to be chilly. that was manus cranny live from westminster. we will bring you a speech -- osborne's speech live. >> the ecb will publish its decision following last month's surprise rate cut. focus will be on mario draghi. here witherro is details. >> it is hard to follow manus cranny. [laughter] let's talk about these forecast. a reason many people thought they would cut a rate this month and not last month. the rate cut would come with the company forecast. what we will get is something as bright as the u.k.'s forecast. they currently predict one percent growth for next year at inflation is at 1.3%. that is well below the 2% target. it is important. it might sound a long way off. we know that dally on swift guidance -- dalliance on guidance -- you might get some color on that. >> and deflation, is that justified? we
the double-doubles. washington, our chief washington correspondent. you want to talk about the deficit. this will not go away. are people actually concerned about high deductibles? >> you certainly have a lot of republicans who will talk about it. there talking about the problems with healthcare.gov and they are also talking about the way the rubber meets the road. the prices that they are paying for premiums that are out there and the deductibles are going up as well. this is another talking point for them. they have criticized the health care law. we will have several members on capitol hill and this is one of the questions they will have to answer. rollout, theo the website is operating better. they will make this point over and over. >> lawmakers actually have a deadline of their own to sign up for the affordable care act. how is that going? >> there is actually a different website. technically, they are members of a small business. that is the congress of the united states. they are operating off of the d.c. exchange. the deadline is december 23. december 9 is the deadline for mem
. had he to raise taxes in order to cut the $11 billion deficit. raising taxes is not something that's designed to make you very popular as well as cutting government spending. i spoke with the finance minister and he's pretty b buoyant. the public outcry on that, people are pretty pleased. i did ask him, is this just kicking the can down the road. take a listen. >> we have to reduce government expenses in a way that will not hurt all the services we want to give to the government. the fight for efficiency in all the governments around the world is a hard fight. we know now things we didn't know before about how to do it because we've been doing it for quite a while. this is why things are better now. i think we're going to have a new fiscal rule which will allow us to reduce government expenses in a way that will allow us not to raise taxes. >>ing where do you see that in order not to raise taxes in 2014, 2015. >> i can tell you we're not going to hurt the budgets of education because we are an education modulated government and of course health and welfare. these are the budgets th
. >> everybody is focusing on cut the deficit. >> we're putting the money in the wrong place. >> we're honoring the legacy of nelson mandela today and the apartheid movement that he led. and it was built over time and you'll see the same thing happen with minimum wage. ten states, including washington d.c. have higher wages. >> let the states test it. >> obama administration care rebound. the president defended the affordable care racket act. he told the republicans if they have a better plan, let's hear it. >> if you don't like obamacare, and i know you don't, you should explain how exactly you would cut costs and cover more people and make insurance more secure. you to the morning people to tell us what you are for not just what you're against. >> is this a diversion tactic. >> yes, no question they would rather have the media focus on that the republicans don't have a plan. you had 29,000 people signed up which was more than all of us. a hundred thousand in november so they're much happier about the way it is going. but they would love it the if the media pointed out that the republicans don
into what happens from a bilateral trade deficit from one quarter to another quarter. deficit me time, the with korea may have increased colombia and th panama also implemented around the same time have gone up dramatically. goes to the g differential growth rates in the various economies. we're can do is make sure reducing the barriers and the exports have a chance to compete field. vel playing >> get closer to home and talk about congress. here was a bit of a backlash that brewed last week about the trade negotiations. have you anticipated the fight ahead in getting everything approved. >> we've been talking to throughout these negotiations. the -- the formal process called trade promotion authority expired in 2007. that's a process every congress 1974 ery president since have worked on together. it's the process where congress what your xecutive negotiating objectives are, how to look with congress in the procedures and the under which congress will approve or disapprove a trade pac when it's done. the consultation procedures of 2007 trade promotion authority expired, we felt boun
financial burden, a huge problem that is going to blow our budgets and our deficit apart. that is what the american people are looking at command that is why, you know -- lou: they are not looking at that, if i may. you know, they may, as they read your book, as they listen to dr. brown and his colleague, but the reality is, they're looking at a train wreck. the expression was used to describe the website. it is so monumentally massively more than that that it is incomprehensible. the number. $17 trillion. 9 million people added to the medicaid rolls. we are looking at an explosion of entitlements and debt and possibly devastation to the deficit and to the country if we don't get in charge of it. >> you are absolutely -- >> this president seems to have no sense of what to do. i will give you the last word here congressman, but it seems the republicans don't have the answers either. >> you are absolutely correct. it is monumental. needs to be totally ripped out by the roots and replaced with something such as my patient option act. we do have some republicans and democrats that wants to
to replace the savings so it would not add to the deficit by increasing some government fees and perhaps requiring higher contributions and maybe a workers 60 52 $7 billion deal. it would be an agreement on the level of discretionary spending or the appropriations bills for the next two years. is this a large or small deal? caller: this is not what you would call a brain -- a grand bargain. they deliberately set it pretty modest target. finding some of sort of agreement for this year, this year's appropriations levels and possibly next year year's, they would target that. talking about the prospects of a budget deal this morning. you are welcome to join our conversation. democrats -- this weekend rob -- talked about the prospects of a budget yield and affording a government shutdown. [video clip] >> can you get an extension if you -- can you get an extension if it is paid for? >> that is $25 billion nobody was talking about until last week. it is an additional cost within this budget agreement. i'm glad to hear my colleagues say that it is not necessarily a sticking point. i think there
retreated to a seven-week low after the country posted a bigger than expected trade deficit in october. but india as performed opposed strong opposition. now for individual movers, chinese telecom equipmentmakers succumbed to profit taking. zte tumbled almost 6%. meanwhile datang telecom down almost 7%. just one day after the issuing of these licenses, a deal is signed between apple and china mobile. according to "wall street journal," this could mean china's largest telco could start to offer isos on its network to 700 million subscribers. it could potentially draw a larger custoday. it's competitor gained 0.25% in china telecom. back to you, ross. >> thanks very much for that, sixuan. carl icahn announcing a tweet that he would submit a proon posal to apple shareholders for a 50 billion buyback program. that's lan than the 150 become buyback program he was previously pushing for. >>> well, we have heard from the japanese economic minister, amari, it was he's been with early stage tongue cancer. he's offered to resign, but the prime minister has refused his request. he remains in the
of bryce is in fighting the new fighters stockpiles are growing and so was the government's deficit. it said to have reached a deal in dollars around ten percent off the nation's budget. some feel there is a strong need to change the political environment for this financial burden. it's not passed to his students generation. that is why he decided to join in the demonstrations along with his co the us. you see the government is injecting taxpayer money into its political base in rural areas women. government officials to change the way they spend our money. to be used to improve the lives of all the time people the day the day the more the one gal worked at the country's transport ministry the thirty six year old fisher writes history demonstrations during his lunch break. he says he fell extremely angry when the government tried to pass a bill that would pardon former prime minister talks to the feel of what's been sentenced to prison the person who's committed wrongdoing by many to reading votes in parliament should get off scot free. it's not acceptable. not in a country that sup
of it. >> we are getting a glancing blow and much-needed rain fall. we are in the rain deficit. i know we like to talk about the snow in the higher el visions, but this is much- needed rain fall. timing not so great, but here it is. look at that radar lighting up. the boundary itself, the front is through the north bay. you have seen the market decrease. you have to go through the boundary in concord, louisiana fayette, san ramon, and richmond, also picking up a lot of showers. vallejo and look at the south bay. look at the radar down there. in san jose, palo alto, fremont, union city, there is heavy rain fall out there and heavy rain still to come. one place getting a break would be on the other side of that boundary. you are drying out a bit. snowed earlier today. now overnight tonight with the cloud cover, it will not be as cold. widespread 30s, but not a freeze. another freeze is coming tomorrow night. vallejo tomorrow morning. redwood city 49. there's a strong area of low pressure which has hopped aboard the jet stream. we established the jet stream to the south in mexico before c
in is that it is difficult. when you look at the deficit we have had, when you look at sequestration, it is obvious that we will be building smaller budgets. you do not see that reflected frequently in congress. we are still arguing to make sure we do not cut these things. when the pentagon says they're decommission it, people say you cannot do that. the battle over the size of the national guard. congress has got to wake up and understand the budgets are getting smaller. intelligentome decisions and scissor trying to defend every little piece of the budget. i think the pentagon tried to take a holistic approach. i hope they start to be more cooperative. we can make sure that we have the training equipment necessary for the military. >> this budget that will be dropping is probably going to be the first one we have seen that will confirm with the caps we have seen in the budget control act. smith were the secretary of defense, where would the cuts most heavily fall? we were talking about compensation and benefits. this will not go until may or june. this probably will not reform the alteration bills. make
by friday's deadline. the plan doesn't significantly reduce the deficit or, indeed, replace the sequester budget cuts. what does it do? we'll get into that a little bit later. >>> meanwhile, 203 jobs created last month. nonfarm payroll showed the jobless rate down to 7%. the better than expected numbers increase the speculation that the fed might stop. don smith joins us for more. don, very good morning to you. i see on a reuters survey there are now four that expect december or january, five in january. quite a significant move from the survey in october. what are your own thoughts? why wouldn't you go next week if you were the fed? >> well, exactly. there's still so much uncertainty in the market about will they or won't they. yet the market thinks at some point in the next few months it is inevidenceable. i think why not get the tapering out of the way, the announcement in december, even if it's a preannouncement to take effect from january. i think the bond market reaction to the pretty strong payroll report on friday taught us quite a lot, actually. we didn't see very significant sel
administrations have danced around the mission of our infrastructure deficit. for all the attention to the various fiscal cliffs, the looming infrastructure deficit is every bit as critical. for two centuries, infrastructure was a bipartisan issue, from lincoln with the transcontinental railroad to democrats and republicans coming together to launch the interstate freeway system, signed into law by president eisenhower, subsequent roads, transit and water investments helped fuel our economy and tie the nation together. more recently, the failure to address long-term funding has also been bipartisan. the bush administration ignored strong recommendations from their own private sector experts that they impaneled to give advice. although the obama administration did request and employ some modest funding in the recovery act and has proposed an infrastructure bank and talked extensively and i think sincerely about the need for investment, what has been lacking has been a specific concrete proposal from either party to address infrastructure financing in america. while the political maneuvering has sec
point that out. host: yet the deficit is a problem. k stone.this from mar guest: i think tax expenditures is a big problem. there are tax revenues that we should be taking in which we are not because we are subsidizing a significant amount of what some have termed corporate welfare. billions of dollars to the oil and gas industry, they are making record profits. the tax expenditures are costing the american people in ways that are problematic. host: what would you cut the besides defense? guest: revenues that we have lost that would otherwise should take in. other than defense, there is waste and inefficiencies in a wide range of domestic spending programs. i am willing to take a look at almost everything. i think the demonization of social security and medicaid are inappropriate. they are not responsible for the deficit problem we have right now. ronald reagan in a debate with walter mondo and clear social security has nothing to do with the deficit. it was true then and it is true now. att in plano, texas. caller: thank you for taking my call. food stamps is not one of the
their budget deficit targets. the brussels, frankfurt, berlin group will be trying to force them to comply. >> charles dumas, staying with us. >>> coming up on today's show, let me tell you what's ahead. taper talks go into overdrive as markets await the u.s. jobs report. but as experts look at last month's numbers, we assess how this could affect strategy. >>> and capital markets dry up in the sector, we'll discuss where to find value at 1020 cet. >>> the race is on to name asia pacific's number one tech hub. we'll take a look at the fastest growth technology firms. >>> and world cup fever hangs in the balance as nations find out who they are playing. we'll discuss the travel implications at 1045 cet. ya know, with new fedex one rate you can fill that box and pay one flat rate. how naughty was he? oh boy... [ male announcer ] fedex one rate. simple, flat rate shipping with the reliability of fedex. >>> deal or no deal? the wto is trying to reach an agreement. >> the right to food security of the poor people, then only they will be saved. strengthening of wto is a shared responsibility of
's infrastructure deficit. roads, bridges, transit systems are all increasingly at risk. we are facing an inadequate state of repair, construction of new facilities are on hold and we are losing ground in meeting our own needs, let alone the challenges of global competition. yet, this challenge is an opportunity for some potential progress. we know what to do to meet this challenge. we can write a new transportation bill that will meet today's needs. it just needs more money. there is a vast coalition that supports additional resources for infrastructure. the so-called special interests that are so often at odds are remarkably aligned when it comes time to recognize and fix this problem. business, labor, professional groups, local government, environmentalists, truckers, bicyclists all agree. the paralysis that surrounds questions of raising taxes does not necessarily need to apply in this case. ronald reagan, after all, was willing to sign into law a five cent gasoline tax increase 31 years ago when a nickel a gallon was real money. a user fee is in fact a different category from a general tax incr
in october from a deficit in the previous month. moving on to currencies, the dollar is gaining momentum against the yen. dollar/yen currently changing hands at 102.78-81. analysts say rising long-term u.s. interest rates are helping boost buying in the u.s. currency. the euro/yen is being quoted at 139.21-24. >>> in other business news, u.s. online shopping giant amazon is hoping to bring the future a step closer. it's trying to deliver packages directly to your doorsteps using small unmanned aircraft. the company has unveiled a test video of a small drone with eight propellers carrying merchandise in a little box. the drone is equipped with a gps system. it can carry packageswaring up to 2.3 kill am gras each. the company aims to deliver packages from distribution centers within 30 minutes. ceo jeff bezos says this is no science fiction. he says the service could be technically ready in four to five years. but bezos adds that u.s. aviation authorities will need to drop regulations for unmanned aircraft before such a service could get off the ground. >>> fast food chains in japan are co
throw deficit. but the way to do it, and tragically the bankruptcy court can't order the state to kick in a little money, to put back the $47 million they paid, that's the way to do it. so -- >> so if they wanted to reinstate that revenue sharing they took away, you could create a cash flow to get their head above water? >> yes, and you could do it that way ininstead of bankruptcy. >> when you look at the number of bills passed by the house and the paltry number of bills passed by the senate you can see where the problem is. >> yes, we can. and we'll talk about it next. >>> there are eight, count them, eight legislative days left in the first year of the 113th congress, and it is on pace to be a record breaking one. the least productive congress in the history of the american republic. the first session has passed 52 laws so far, easily making it the least productive first session of any congress in history. it is lowest than the least productive first session that happened to be from the last congress, the 112th. this may why congress's approval rating hit an all-time record low. cong
. caller: good morning, america. in 2008, obama came in. a budget deficit. $9.6 trillion deficit. in, america hired democrat congress, senate, president. they stuffed obama down our throats without any consent from republicans. here we are $17 trillion in debt. benghazi, mexico. people whove the believesnd what obama -- shutting down businesses. these democrats have done enough. harry reid has not passed a budget in this country in six years. where is the outrage there? we have no budget. where's the outrage? we are a country with no budget. you run your household with no budget? they are stealing the money to go back to the campaigns, to a democrats. wake up and look at the democrats -- facts. this guy's a socialist and that is what will be coming. god bless us all. host: former president bill clinton weighed in on the health care law i while ago, saying that the president should keep his pledge on if you like your you -- insurance you should keep it. was interviewed yesterday and asked about why he made those comments. [video clip] is it because you are setting the way for mrs. cli
-off family. which means by the time she starts school she is already behind. that deficit can compound itself over time. and finally rising inequality and declining mobility are bad for our democracy. ordinary folks can't write massive campaign checks or high-priced lobbyists and lawyers to secure policies that tilt the playing field in their family and at everyone else's expense. so people get the bad taste that the system is rigged. and that increases cynicism and polarization and it decreases the political participation that is a requisite part of our system of self-government. this is an issue that we have to tackle. if in fact the majority of americans agree that our number one priority is to restore opportunity and broad-based growth for all americans to question his why ask washington washington -- why his washington consistently failed to act? i think a big reason is the myths that have developed around the issue of inequality. first there is the myth but this is a problem restricted to a small share of predominantly minority people. this isn't a broad based problem or a black problem
and also the us trade deficit shrank as exports the assertion that really now puts the friday jobs numbers of well into focus. so we'll keep track of the hallmark has developed over that not domestically. there's also a focused effort to gain as investors eager to be like keeping a close eye on whether the bank of japan is going to implement further policy action in order to achieve its target of eighteen percent rise in consumer prices a lot of domestic focus as well fight and the dollar remain as we've been on covering still in the one o two yen levels where do we stand exactly this thursday morning. yeah exactly i caught a little bit of fluctuations in t dollar yen during the summer to write up of him to put thirty c to thirty four is the thing come off a little bit from the highest hundred ft points thirty seven on tuesday to these current levels thus traders the cash in on the dollar's recent gains the euro hundred and thirty nine points or one two zero nine euro yen and that remains stuck in a range ahead of the key central bank policy meeting later today if the european central bank
cutting benefits to cover a $100 billlion deficit. unions are planning a fight. and starbucks is out with a fancy shmancy metal gift card...that costs $450 dollars. it goes on sale at noon est today at gilt.com. only 1,000 are available. tim mulholland of china america capital joins us now from the trading floor he's getting set for the jobs number coming out today. will we see jobs on the rise? > >given the adp report, the gdp report, the initial claims earlier this week and yesterday i think expectations are for a strong number. so that's what the market's expecting. i think an expected number of 185 will be considered good. if it's a stronger number than expected, above 200, bonds sell off in this anticipation of tapering. but i think we're still along ways off of that. i also think we need to consider if it's a weaker than expected number i think that fears of any early tapering are off the table and maybe we'll be off to the races again in the equity markets will continue quantitative easing and stimulus in the market. > >what else could we see as far as market reaction today?
. you're right. they have a big current account deficit. if and when we see a beg effect on tapering, we may see them suffer. >> violence with the mines. this is a nation that has a lot of questions open. >> absolutely. he didn't solve everything but certainly i think things could have been far worse. >> and also the metamorphosis just as gorbachev was changing the world as well. >> he shifted in four years. the castro bothers, 50 years, they still haven't. >> it's nice seeing you down here. >> you, too. >> as massive ice storm is moving across the country bringing freezing rain, snow, sleet and jim cantore joins us. >> reporter: thank you very much. normally in the east the sun comes back up and it warms up and everything melts. unfortunately it's only going to get colder. this morning we started out at 30 degrees and now it's all frozen and the same this evening is happening on the road. you'll notice the cake and the glaze, you have to pry this off. the salt and sand trucks are dealing with the main there owe fair -- thoroughfares. but mass transit, about a thousand fights in and out
this taken me through a deficit of one penalty. and things around before the break when an airplane equalised with a grey and the like. when the then came from mike schools that will also sport from the penalty spot like the captain predicted that this was sent off for a second to none. the weekend results so far look like this got one for two against time about how spoke back to when it come but finds that last attempt a call sometime on sunday at the coast was well like take on britain. stay with us sunday champion. are you. the years. sure sweetie it. the team he was sixteen this keeps the second set nineteen ski team in each district to its gdp who graciously decided to start we didn't eat by the sea. i don't like effects. it tells its own pc the year. as the week starting ukraine was in the midst of its worst political crisis since the orange revolution almost a decade ago. demonstrators laid siege to government buildings. this issue the debate on the klitschko called for the resignation of president viktor you know cool pics. the latter's refusal to sign a pro europe act to restrict the
this thing with take off area >> i think there has been a huge miss focus .n the budget deficit it is really a long-term problem. the key thing you want to do right now is get the economy back on its feet and coming along. you are actually slowing that recovery down. i think it is just misguided policy. we do not expect that to last forever. we are also saying state and local government coming back a little bit more. that may offset the track we're going to get. >> you just mentioned that modesty oh moderate phrase. as you mentioned, the last four days books contain that wording. should we read anything into that? what does it say about the growth expectations going forward? >> we have seen the fed consistently lower their projections. they have been more realistic. anticipating that growth will pick up, the key issue for the fed, and particularly with a new fed chair coming in, janet yellen is going to be preoccupied in this guiding -- and deciding when to taper and how rapidly to taper. more important like, how to communicate detentions to the markets. landly, the asset purchase cannot go
that the deficit all the park is open to counter anti pulled out of the chinese academy of scientists shows. and if he doesn't love an adopted over the place and can count about two point five two he ran for four hundred and doing your dollars. but the real numbers to forty four point three billion us dollars. now with almost three hundred pics in piccadilly raquel is distorted. well the problem is their duty. both central and provincial government to allocate enough money to person contact. they don't want you to put money into the pentagon to always appreciate. chinese leaders expressed their opinions on the internet one roof top. i paid over three decades of conscience or be nice to me might come to camp really have money left. the problem is that although the end of the retirement age. what if i still have no money might have to count them. another one complaint about the attitude toward and to quote mike and i determined that today would lead the charge for pension issue the nineteen ninety five and holding the pension problem after directed the government that penchant to the reliant
budget, offering responsible solutions to address the budget deficit, cancel the sequester and grow the economy. last march we offered our budget for fiscal year 2014 as an alternative to the budget that was adopted by the house. the c.b.c. budget makes tough choices. but not at the expense of our most vulnerable communities. the c.b.c. budget offers a concrete plan that both cancels the economically disastrous sequester and then pays for that cancellation. our budget is able to do so while also protecting social security, medicare, medicaid, snap nutrition benefits and other vital safety net programs that protect millions of americans from poverty. c.b.c. budget also reduces the nation's budget deficit by approximately $2.8 trillion over the next decade, compared to the february baseline calculated by the congressional budget office. other ideas have been presented in the past to either cancel the sequester or reduce the deficit. they almost always include significant cuts to social security and medicare. these ideas have included changing the way the social security benefits are c
all they have said about reducing the deficit over the next few years, it leaves room for cutting taxes. i think what the uk needs is a rebalancing towards investment and exports. the government realizes this and i think as a consequence it's unlikely to do things to throw additional fuel on the fire of consumption. >> do you think the government is doing enough? are you expecting any measures, say, on planning tomorrow from the troika? would that have helped? we had construction pmis this week very strong, rising like a phoenix out of the ashes. but many suppliers saying the supply side of that market is still very, very underperforming. >> yeah. i mean, when it comes to the supply side of the uk housing market, it really is down to things like change, having a look at the green belt legislation, trying to, you know, incentivize local authorities to watch the yen gauge much more heavily in this planning process than they have up to now. so it's not really about major macro reforms. i think it's about reforming the supply side of the housing market. that's going to take many years
's first democratic governor in 20 years. upon taking office, he faced the largest per capita deficit in the country. total debt of about three point -- $3.5 billion. he did several terms as mayor of stamford, connecticut, promising to make 2012 the year of education. in connecticut, he tackled a reform agenda in a state that has long been known for one of the nation's widest racial achievement gaps. the governor took the lead in passing one of the nation's more dramatic education bills. it was public act 12116. some of the packages required a new teacher evaluation pilot in which 45% will be based on student learning. the governor's package created a commissioner's network similar to the recovery school district. it has the ability to take authority over 25 of the state's lowest performing schools. today, 11 have been entered into that network. an increased charter school funding. the figure will go to $11,500 by fiscal 2015. with that, let me turn the microphone over to the governor. it is all you. [applause] >> it is great to be with you. i appreciate the opportunity to speak about
pill. a big hit to government spending but a sharp improvement in the deficit to gdp ratio. we do not have to swallow the pill again in 2014. we have reset government spending out lower levels. we did not have to do it all over again. makes for pretty easy comparison year-over-year when you compare 2014 to 2013. sex we are running less of a deficit. that is good news. what if you drill down and talk thet individuals? >> it is verge because of the wealth effect. rising. have been consumers are at the upper end of the spectrum and have been really getting the benefit of higher net worth. here is net worth as a percent of disposable income. we have seen very sharp improvement that is driving the spending we are seeing in the economy. >> in other words, the total net worth is 600% of what you make. if you make 100,000, you are worth 600,000? >> exactly. s&p is up. equities are up. general home price valuations are up. we have been covering a lot of the lost wealth. five years after the financial crisis, we have recovered a lot of the wealth. the dominant theme for spending in 2014. >>
with the largest per capita deficit representing 17% of total revenue, and i had to go in a different direction. actually realizing our gap was too big to cut our way out of it. i went on the road and got heat up. someone had to go on -- got beat up. someone had to go on the road. mad atere a lot of evil me. a lot of folks spending a lot of money to try to defeat the organized effort at school reform, even though they supported certain aspect of it. they might carve out a corner they like, but it was a total picture. someone has to have the discussion. someone has to bring the discussion to the community. demonstrate you mean business. we want to work with them, but we need to change direction. -- failing to properly educate the kids. those are some of the largest school district. you cannot succeed when you are doing that. when you look at connecticut demographically as one of the more rapidly aging states, you are throwing away your opportunities. someone had to say that. i felt that was my job as governor. the lieutenant governor was by my side during those times. someone had to make it ok t
to be creative about how you drive down their catch throw deficit. but the way to do it, and tragically the bankruptcy court can't order the state to kick in a little money, to put back the $47 million they paid, that's the way to do it. so -- >> so if they wanted to reinstate that revenue sharing they took away, you could create a cash flow to get their head above water? >> yes, and you could do it that way instead of bankruptcy. >> when you look at the number of bills passed by the house and the paltry number of bills passed by the senate you can see where the problem is. >> yes, we can. and we'll talk about it next. it's the little things in life that make me smile. spending the day with my niece. i don't use super poligrip for hold because my dentures fit well. before those little pieces would get in between my dentures and my gum and it was uncomfortable. even well-fitting dentures let in food particles. super poligrip is zinc free. with just a few dabs, it's clinically proven to seal out more food particles so you're more comfortable and confident while you eat. so it's not about
no more bailouts. >> also said it wouldn't add a dollar to the deficit and the insurance companies knew they were always going to get this. that's why i don't buy when anyone says it will collapse on its open weight. they will continue to pump money into save it. in there was a tragic train wreck in new york over the weekend and the conductor lost his insurance because of obama care. so i think frankly that there are a lot of things happening in america today, the problems over obama care, the weather, everything is going terrible. >> are you kidding me? the fact of the matter is things starting to work better and better. the democrats have to run on it. they know they can't run against it. they voted for the they think. by the way, this earpiece one more time -- they voted on it, so now what are they going to do? they will try to get around behind it, so they have to run on it. >> what about the bailout for the insurance companies? >> i wouldn't bail the insurance companies out if they -- >> that was from the white house. the white house offered incentives to, quote, help offset losses
. >>> a congress department announced the trade deficit dropped to 5.4% in october. the u.s. exported more soy beans, collectibles, and petroleum. the trade gap stands at 40.6 billion which is down only slightly from this time last year. >>> a plan to blow out the lights on electronic cigarettes. new actions taken against smoking in one bay area city but why the fight over the controversial cigarettes is not over yet. >>> plus santa is going to get some extra security when he flies to the skies christmas eve delivering presents. the surprising changes coming to norad. ♪ ♪ looks like you started to make something. ♪ oh, a green! ♪ ♪ [ female announcer ] cheerios. with flavors your heart will love. >>> welcome back. time is 5:54. treasure island residents are forced to move out of their homes for a cleanup of taxic chemical -- toxic chemicals. 24 homes recently sheafed notices. they will have to move out. the navy will clean up toxic material under ground as well as ground water contaminated with arsenic. last night a lot of the effected residents went to this meeting with the islands'
and deficit. >> we'll see what they can come up with between now and then. that's it for me. i'm be back 5:00 p.m. eastern in "the situation room." "newsroom" continues right now with brooke baldwin. >>> hi, there. i'm brooke baldwin live in new york today. we begin with a story that absolutely broke the nation's heart. i'll never forget it. i was there in newtown. i saw first hand the utter devastation, the anguish upon the faces of those in the community, the first responders, the children because of the shooting at sandy hook elementary school. i talk eed to a first responder trembling with grief. i saw the funeral processions with the tiny white caskets for young first grade victims, and moments ago, we got the 911 calls, these tapes, from that mass shooting in this quaint connecticut town. the 911 calls from inside the school where a an
for the month. also out today we have third quarter productivity, trade deficit, new home sale, manufacturing index and beige book. jp morgan chase and citibank is among those assessed $2.3 billion. society general, royal bank of scotland were among those fined. sears executive has reduced the stake to 48.4% down from the prior 55.4%. investors that decided to exit lam pert's stake shares were down. >> thanks. i was going to see how much -- he's still loaded, $5.9 billion. he still has half. >> roughly, yeah. >> let's get a check on gold prices and currency levels. joining us now the bks management, shaun is editor of the wealth report. our guest host wants to talk. can you say it? can't talk about it if i can't say it. what was the news? number in in terms of reserve currencies. >> in materiaterms of trade. the chinese economy and society itself becomes more open. it's a transactional unit. there's too much issue from property rights point of view to trust as a reserve currency. >> what about the reports coming out of the saudi arabia that they're negotiating with the chinese to pay for oil?
-- finally, what do believe is the most likely impact on you every large federal budget deficit and debt in terms of your own personal financial situation. toin, i would draw your eye the two top scorers here, far and away. they're worrying about the andal year and higher taxes fewer opportunities for jobs or wage increases. the issue of disposable income and households daily challenged by the current circumstances. i had to leave you on something that is not very optimistic, but in looking toward the future, the near future, in terms of where we are, how confident are you that the congress and presidents ability to avoid a shutdown for the deadline, 70% of americans are not confident and that cuts across all political party identification and all demographic groups. they have very little confidence that they will make progress going forward on this. that has an impact not only on political attitudes but also consumer behavior. with that, we're going to show you a couple of vignettes to bring to life some of these numbers. thank you. [applause] ♪ >> i would consider myself to be middle
? this is a massive trillion dollar bailout. >> he said it wouldn't add a dollar to the deficit. the insurance companies knew they would get this. bob, that's why i don't buy when anyone says it will collapse on its own weight, there will be a death spiral. no there won't, because they'll continue to pump money to support it. >> there was a tragic train wreck in new york and the conductor -- the driver lost his insurance because of obama care. and so i think, frankly, that there's a lot of things happening in america today that the problems over obama care. the weather, i mean, everything, it's going terrible. >> are you kidding me? >> the fact of the matter is that the thing is starting to work better and better. why go to the democrats with the proposal? the democrats have to run on it. they know they can't run against it. they voted for the thing. if this earpiece tweets one more time -- so they can't go up there and try to get around it. so they have to run on it. >> what about the bailout for the insurance companies? >> i would bail the insurance companies out if they were drowning in --
fundamentally this plan will work. if we go back and we look. we have a $100 trillion deficit. this was before obama care. it took money from medicare which is already broke and then added a bunch of new people to medicaid as luis said. the states to have pick up the costs and the states like my state of california and illinois, they're both broke already. >> the states have to pick up 10% of the costs in a few years of medicaid. i mean interesting federal government is paying most of it. >> up front. part of the reason why the administration now has delayed the enrollment. they say they and paneleded it until after the 2014 elections. next year people will pay much higher prices than this year. so i think long term, we submitted a plan. the president talks about a plan that he is open to plans women submitted a plan. myself, paul ryan, senator co-bush, we introduced a bill before it was introduced. >> one of the things that i think is pretty cool about this booking, i'm not just saying this. you are two of the most candid people on capitol hill and that says a lot. a lot of candid people up t
. budget deficit $380 million. 17.7% unemployment rate and a quarter of a million people have dropped from the population and down to 700,000 people today. matt, obviously no one wants to see the pensioners who have been used to living on a concern check get less, but it doesn't seem like there is any choices here other than that. >> i don't think anybody wants to see something relying on the pension check to pay their mortgage or food on table, but at the same time, i don't know where the money is coming from. the for ever cents detroit is bringing in 45 cents is going toward debt and it is going to go up to 60 cents they say. >> we have seen this across the county where public unions have cut deals with the government. they are i scratch your back you scratch mine. and that is how this ballooned into this situation where they made promises they can not keep. >> a lot of deals took place a long time ago. but you are running out ouf mof money. detroit, for example, has twice as many pensioners as they do employers in the city. it comes done to math. you have to bring in x-amount of dollars
together solutions to fill in the gaps financially even at a little deficit reduction on top of that, things like raising the fees for airline companies pay for for airport security, that's on the revenue side and on the spending side, curbing federal retirement which some lawmakers don't like but it's a way to get some money. >> jon, thanks for the update. appreciate it very much. john harwood. ty, up to you. >> herbal life may be turning the tables on the hedge fund titan bill ackman. plus, this brings new meaning to the term ski out. how the middle class are getting squeezed out of the slopes this season. the power rundown is next. we'll tell you all about it. tdd# 1-800-345-2550 searching for trade ideas that spark your curiosity tdd# 1-800-345-2550 can take you in many directions. tdd# 1-800-345-2550 you read this. watch that. tdd# 1-800-345-2550 you look for what's next. tdd# 1-800-345-2550 at schwab, we can help turn inspiration into action tdd# 1-800-345-2550 boost your trading iq with the help of tdd# 1-800-345-2550 our live online workshops tdd# 1-800-345-2550 like identify
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